We don't know who is going to win the elections. But we do know that the legacy of problems for the next government has not stopped getting worse in recent weeks. This week's measures are more fuel...
Debt Repurchase With an FX Goal
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Debt Repurchase With an FX Goal
Third week
January 2023
The government announced last week that it would buy back USD 1 billion of dollar-denominated sovereign debt, potentially reducing the stock by about 3 billion given prevailing market prices. The measure was "sold" as a yield curve improvement, but that appears to be a questionable objective in the current circumstances. In our opinion, the true objective is the (market) exchange rate.
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